Nominee Secretaries act as legal representatives for the company, responsible for maintaining and updating statutory records, filing annual returns, and ensuring compliance with Cyprus’s corporate governance regulations. While a Nominee Secretary may not be directly involved in the day-to-day management of the company, they have the same legal obligations and fiduciary duties as other company officers, including acting in the best interests of the company and maintaining confidentiality.
Nominee Secretaries are responsible for fulfilling the company’s legal requirements, such as ensuring that the company complies with the provisions of the Companies Law, Cap. 113, regarding the filing of annual returns, maintaining statutory registers, and updating the company’s Articles of Association as necessary.
Companies utilizing Nominee Secretary Services in Cyprus must ensure that their Nominee Secretary complies with all applicable laws and regulations. This includes conducting proper due diligence on the Nominee Secretary and ensuring that they are a suitable candidate for the role. Additionally, the company must provide the Nominee Secretary with all necessary information and documentation to fulfill their duties effectively.
Companies using Nominee Secretary Services must also abide by the provisions of the Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007 (as amended) and the CySEC Directive DI144-2007-08. This includes maintaining adequate and up-to-date records of their company officers and ensuring that they adhere to AML and CFT requirements.
By understanding the relevant laws and obligations, companies can benefit from the expertise and support provided by Nominee Secretary Services, ensuring smooth and compliant operations in Cyprus’s dynamic business environment.
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It is not permitted for one person to act both as a secretary and a director, if the shareholder of the company is a different person or an entity. Such a company cannot be incorporated, and the Registrar of Companies would reject the submission for its incorporation.
In the cases where the shareholder is a different person from the director and secretary, it would be good to have a third person be appointed as the Secretary if you do not have enough people to be appointed in each position.
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